Storyful racks up €9m loss during expansion
Expansion costs at the social media intelligence and news agency established by former RTÉ presenter, Mark Little last contributed to Storyful recording losses of €9m.
Storyful was purchased by Rupert Murdoch's News Corp for €18m in December 2013 and new abridged accounts for Storyful Ltd show that the firm's accumulated losses jumped by €9.03m from €15m to €24m in the 12 months to the end of June last.
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The firm's shareholder funds total €9m.
The new accounts for Storyful Ltd show that it recorded a gross profit of €5.9m last year and this followed a gross profit of €9.6m for the prior 18 months.
The €9m loss last year followed a loss of €9m in the prior 18-month period.
The directors state that "the company continued to expand its operations and during the year, it made substantial investment in its product and technology departments".
Numbers employed by the firm last year increased from 100 to 138 with staff costs totalling €6.7m.
In the year under review, Newscorp invested €19m into the business and this February it ploughed in a further €5.5m.
The €5.5m has been used to pay off debt owed to group undertakings.
Today, Storyful has offices in Dublin, Sydney, London, Los Angeles and New York City and its counts Google, Facebook and Youtube, amongst its clients.